[House  EfLL.] 

HOUSE  OF  REPRESENTATIVIES,  Dec.  30,  1863.— Read  firs; 
and  second  times,  referred  to  the  Special  Committee  on  Currency,  and 
ordered  to  be  printed. 

[By  Mr.  \Ym.  D.  Simpson,  m  South  Carolina.] 


A  BILL 

To  provide  for  the  reduction  of  the  currency. 

1  Section   I .   The  Congress  of  the  Confederate  States  of  America  do 

2  enact.  That  there  shall  be  levied  and  paid  on  the  1st  day  of  May, 

0  1864,  a  tax  of  six  per  cent,  ad  valorem  upon  all  the  property  in 
4  the  Confederate  States — which  said  property  shall  be  assessed  at 

.    5  its  market  value  in  Confederate  treasury  notes,  on  the  1st  d^y  of 

6  January,  1864:  Provided,  however,  if  said  tax  is  paid  by  the  1st 

T  day  of  April,   18G4,  two  per  cent,   thereof  shall  be  remitted: 

8  And  provided  further.  That  upon  all  property  owned  by  soldiers 

9  actually  in  the  field,  a  tax  of  only  four  per  cent,  shall  be  levied 

10  as  above,  with  the  privilege  of  a  deduction  of  two  per  cent.,  if 

1 1  paid  by  the  said  1st  day  of  April. 

1  Sec.  2.  That  there  shall  be  levied  and  paid  by  the  1st  day  of 

2  June,  1864,  a  tax  of  per  cent,  upon  all  treasury  notes  of 

3  the  Confederate  States,  outstanding  after  the  payment  of  the  tax 

4  herein  above  provided  for  in  the  first  section  of  this  bill,  and 


2 

5  vrhich  were  issued  prior  to   1st  January,  1864,  except  the  7.30 

6  notes,  and  the  remaining  treasury  notes  outstanding  after  the 

7  payment  of  this  said  last  mentioned  tax  may  be  funded  in  coupon 

8  bonds  of  the  Government  prior  to    1st  day  of  August,  1864, 

9  which  bonds  shall  be  for  sums  not  less  than  $\()0  nor  for  more 

10  than  $1 0^,000,  and  shall  bear  interest  at  the  rate  of  six  per  cent,  per 

1 1  annum,  payable   semi-annually,  and  redeemable  30  years  after  , 

12  their  dates,  respectively,  and  shall  be  forever  exempt  from  taxa- 

13  tioD,  and  that  all  treasury  notes  (except  those  bearing  interest  at 

14  the  rate  of  7.30  cents,)  issued  prior  to  the  said  1st  day  January, 

15  1864,  and  not  funded  as  aforesaid,  shall  no  longer  be  receivable 

16  in  payment  of  taxes  or  public  dues  during  the  war  between  the 

17  United  States  and  Confederate  States. 

1  Sf.c.  3.  That  the  Secretary  of  the  Treasury  be,   and  he  is 

2  hereby,  authorized  to  issue,  at  any  time  prior  to  1st  day  July, 

3  1864,  $23(^,000,000  of  treasury  notes,  which  notes   shall  be 

4  receivable  in  payment  of  all  taxes  and  public  dues,  and  the  faith 

5  of  the  Government  is  hereby  pledged  that  at  no  time  during  the 

6  existence  of  the  present  war  shall  the  outstanding  treasury  notes 

7  be  increased  beyond  that  amount. 

1  Sec.  4.  That  the  Secretary  of  Treasury,  in  order  to  meet  any 

2  appropriation  which  shall  hereafter  be  made,  is  hereby  authorized 

3  to  issue  and  sell,  from  time  to  time,  coupon  bonds  of  the  Confed- 

4  erate  States  bearing  interest  at  the  rate  of  six  per  cent,  ^er 


3 

5  annum,  payable  semi-annually,  which  bonds  shall  be  for  sums 

6  not  less  than  $100  nor  more  than  $10,000,  redeemable  30  years 

7  after  their  respective   dates,  and  forever  exempt  from  taxation  ; 

8  and  the  faith  of  the  Government  is  hereby  pledged  to  levy  such 

9  taxes  and  such  export  duty  on  cotton,  tobacco,  rice  and  sugar  as 

10  will  secure  the  prompt  payment  of  the  interest  on  said  bonds, 

1 1  and  provide  an  excess  of  at  least  two  per  cent,  per  annum  as  a 

1 2  sinking  fund  for  their  final  redemption. 

1         Sec.  5.  That  all  bonds  of  the   Confederate  States,  including 

3  the  7.30  notes  heretofore  issued,   maybe  converted  into  bonds 

3  bearing  interest  at  the  rate  of  six  per  cent.,  payable  semi-an- 

4  nually,  and  redeemable  after  30  years   from  their  dates,  and 
6  exempt  from  taxation  upon  the  following  terms,  to  wit :  cotton 

6  loan  bonds  of  60  per  cent,  premium ;  eight  per  cent,  stocks  and 

7  bonds  at  10  per  cent,  premium;  seven  per  cents  at  three  per  cent. 

8  premium;  7.30  notes  at  one  per  cent,  premium,  and  six  per  cents 

9  at  par. 


±1  a 


